What Is The Current and Historic Market Size Analysis Of The Thermoplastic Polyurethane Market?
The thermoplastic polyurethane market has seen considerable growth due to a variety of factors.
• In recent years, there has been a robust growth in the size of the thermoplastic polyurethane market. The market is projected to swell from $2.97 billion in 2024 to $3.22 billion in 2025, rising at a compound annual growth rate (CAGR) of 8.2%.
The remarkable expansion during the historic period results mainly from diverse material properties, consumer goods and footwear, automotive sealing solutions, film and sheet creation, and applications in medical devices.
What Are The Predictions for The Thermoplastic Polyurethane Market Size In The Coming Years?
The thermoplastic polyurethane market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, a substantial expansion is anticipated in the thermoplastic polyurethane market size. It is projected to escalate to a net worth of $4.58 billion in 2029, with a compound annual growth rate (CAGR) of 9.2%.
The predicted surge in the forecast timeframe can be traced back to the increasing requirements in areas such as 3D printing, sustainable and recyclable TPUs, renewable energy growth, urbanization, and infrastructure development, along with athletic wear's boom. The forecast period is also likely to see prominent trends such as bio-based TPU, recyclable TPU formulations, advancements in medical devices, low-voc and eco-friendly additives, as well as customized color and aesthetics.
What Are The Essential Drivers Behind The Growth Of The Thermoplastic Polyurethane Market?
The growing need for products in the shoe industry is seen as a significant factor increasing the thermoplastic polyurethane market's expansion. This sector includes corporations that create, manufacture, and distribute footwear designed to shield feet from potential dangers like sharp or falling objects, extreme temperatures, and slippery or wet surfaces. To improve their products' durability, mechanical strength, resistance to wear and tear, and slip resistance, shoe industries are integrating thermoplastic polyurethane into their shoe soles. For instance, in February 2023, World Footwear reports that Portuguese shoe and leather exports hit a record high of 2.35 million euros in 2022, representing a 22.2% rise compared to the preceding year. Consequently, the escalating demand for products in the shoe sector is projected to boost the thermoplastic polyurethane market.
How Is The Global Thermoplastic Polyurethane Market Divided Into Key Segments?
The thermoplastic polyurethane market covered in this report is segmented –
1) By Type: Polyester, Polyether, Polycaprolactone, Other Types
2) By Raw Material: Diisocyanate, Polyols, Diols, Other Raw Materials
3) By Application: Automotive, Construction, Engineering, Footwear, Hose And Tubing, Wire And Cable, Other Applications
Subsegments:
1) By Polyester TPU: Aromatic Polyester TPU, Aliphatic Polyester TPU
2) By Polyether TPU: Aromatic Polyether TPU, Aliphatic Polyether TPU
3) By Polycaprolactone TPU: Standard Polycaprolactone TPU, High-performance Polycaprolactone TPU
4) By Other Types: Hybrid TPUs, Specialty TPUs
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What Trends Are Reshaping The Future Of The Major Players Market?
Leading businesses in the thermoplastic polyurethane industry are working towards enhancing their previous grades of thermoplastic polyurethane, ensuring they offer superior grip and durability and are designed with sustainability in mind. For example, in August 2024, US-based thermoplastic polyurethane manufacturer and seller, Huntsman, unveiled its AVALON GECKO TPU. This portfolio offers slip resistance similar to rubber under both moist and dry conditions. It includes AVALON 6044 AG - an opaque, injectable grade perfect for safety shoes, AVALON 6053 AG - a see-through, extrusion grade specifically designed for running applications and AVALON 6055 AG - a transparent, injectable version that provides remarkable wet slip resistance.
Who Are the Key Players in the Thermoplastic Polyurethane Market?
Major companies operating in the thermoplastic polyurethane market include:
• BASF SE
• Lubrizol Corporation
• Covestro AG
• Huntsman Corporation
• Wanhua Industrial Group Co. Ltd.
• Coim India Private Limited
• American Polyfilm Inc
• Kuraray Co. Ltd
• Mitsubishi Chemical Performance Polymers Inc.
• Novotex Italiana S.p.A.
• Sanyo Corporation of America
• Hexpol AB
• Trinseo plc
• Avient Corporation
• Epaflex Polyurethanes SpA
• Coim Group
• Miracll Chemicals Co. Ltd.
• Huafeng Group
• Dongsung Corporation
• Sumei Chemical Co. Ltd.
• Suzhou New Mstar Technology Ltd.
• Tosoh Corporation
• American Urethane Inc.
• Weaver Industries Inc.
• Uniflex Inc.
• Master Bond Polychem
• Urethane Source LLC
• Akay Plastik A.S.
• Alliance Polymers & Services
• Alphagary Limited
• Americhem Inc.
• Arkadia Plastics Inc.
What are the Regional Insights into the Thermoplastic Polyurethane Market?
Asia-Pacific was the largest region in the thermoplastic polyurethane market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic polyurethane market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
